NEDworking Lunch @ La Serre

Get-NED: M/HQ launches NED match-making platform


M/HQ has announced the launch of www.Get-NED.com, an independent platform aimed at enabling companies to identify, connect with, select and ultimately retain Non-executive (or independent) directors – or “NED/s”.

Said Yann Mrazek, Managing Partner of M/HQ:
”Corporate governance has been rising in prominence worldwide and in high-growth economies in particular, having trickled down the corporate food chain from listed companies to SMEs. With the Economic Substance wave now upon the UAE, corporate governance is no longer a choice for high-growth companies: it is a necessity.

Yet, there has been no clear avenue outside of word-of-mouth for companies operating regionally eager to implement best-practice systems and abide by rigorous compliance standards to identify and retain the NED aligned with their needs, vision and philosophy. With its carefully curated pool of highly-qualified NEDs with diverse profiles and skillsets, bound by the same values and passion to help businesses grow the right way, www.Get-NED.com fills that gap.“


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NEDs and Economic Substance (“ESR”)

Pursuant to ESR, certain companies deploying a “relevant activity” have to demonstrate that they have effective substance in their jurisdiction by satisfying a so-called “economic substance test”. ESR is in force in the UAE since 30th April 2019.

A company meets the test if it is directed and managed in the UAE and has adequate people, premises and expenditure in the country.

In this context, the composition and competence of the board of directors – composed of both executive director(s) and NED/s –, and the proper recording of minutes of all board meetings are key factors when assessing whether a company is compliant or not.